Common Stock and Stock-Based Compensation

3 Months Ended

Jun. 28, 2024

Share-Based Payment Arrangement [Abstract]

Common Stock and Stock-Based Compensation

12. Common Stock and Stock-Based Compensation

Restricted Stock Units

The following table summarizes the Company’s RSU activity for the three-month period ended June 28, 2024:


	Shares			Weighted-Average Grant Date Fair Value
Outstanding at March 29, 2024		2,215,621		$	29.82
Granted		1,278,203			28.87
Issued		(762,311	)		28.47
Forfeited		(51,109	)		29.90
Outstanding at June 28, 2024		2,680,404		$	29.76

As of June 28, 2024, total unrecognized compensation expense for awards issued was $72,114, which is expected to be recognized over a weighted-average period of 2.38 years. The total grant date fair value of RSUs vested was $21,696 for the three-month period ended June 28, 2024.

Performance Stock Units

The following table summarizes the Company’s PSU activity for the three-month period ended June 28, 2024:


	Shares			Weighted-Average Grant Date Fair Value
Outstanding at March 29, 2024		2,429,393		$	25.64
Granted		527,474			31.07
Excess shares issued due to achievement of performance conditions		12,358			13.94
Issued		(301,716	)		28.51
Forfeited		(34,731	)		34.39
Outstanding at June 28, 2024		2,632,778		$	26.21

Included in the outstanding shares are 76,306 shares as of March 29, 2024, that have vested but were issued during three-month period ended June 28, 2024. PSUs are included at 0% - 200% of target goals. The total compensation cost related to unvested awards not yet recorded at June 28, 2024 was $28,809, which is expected to be recognized over a weighted average period of 2.33 years. The total grant date fair value of PSUs vested was $8,601 for the three-month period ended June 28, 2024.

The Company recorded stock-based compensation expense in the following expense categories of its unaudited condensed consolidated statements of operations:


	Three-Month Period Ended
	June 28, 2024		June 30, 2023
Cost of sales	$	561	$	2,606
Research and development		3,735		2,868
Selling, general and administrative		5,822		5,568
Total stock-based compensation	$	10,118	$	11,042